Ed-tech startup Physics Wallah introduces its inaugural fund with a return of 6% annually for 36 months
By siliconindia | Wednesday, 20 September 2023, 17:06 IST
Ed-tech startup Physics Wallah has launched its first education-focused fund the Physics Wallah Fund in partnership with Rang De, a peer-to-peer lending platform. The fund gives a return of 6 percent per annum for 36 months after which the principal will be returned to the investor. The partnership was formed with the purpose of addressing the need for accessible and affordable student loans to receive top-quality, industry-relevant education.
Under this partnership, students from economically disadvantaged backgrounds will have the opportunity to access affordable, collateral-free education loans specifically designed for Physics Wallah’s Institute of Innovation, a four-year residential program in computer science and AI. This collaboration serves as a crucial step in breaking down financial barriers that have traditionally hindered these students' access to quality education.
Through this partnership, both Rang De & Physics Wallah will be able to expand education opportunities and act as a catalyst for fostering educational equality. The joint commitment aims to create a lasting impact by transforming the landscape of education accessibility. Since 2019, Rang De has disbursed over 60 crores in loans and fulfilled more than 18k loans to rural entrepreneurs and students with the support of 8500+ social investors.
This partnership between Rang De and PW Institute of Innovation aims to provide access to quality education, industry-ready skills training, and job opportunities that will benefit students. Commenting on the announcement, Smita Ram, CEO of Rang De, said, "Quality education is a fundamental right for every individual, regardless of their financial situation. Since its inception, we have been unwaveringly committed to democratising access to credit and empowering people to improve their lives".
The collaboration will enable each student to access an average of 3-4 lakhs worth of collateral-free loans through funds invested by social investors, which can be repaid upon the completion of the course. Speaking on the association, Prateek Maheshwari, Co-Founder of Physics Wallah, said, “This partnership is a pivotal step towards realising our mission of democratising education at scale in India. Our aim has always been to ensure that every child, regardless of their background, can access quality education affordably. We believe it will be a game changer in reshaping the landscape of education accessibility in India".
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